All The Documents Required For A Business Loan
A business loan application doesn’t always need to be a cumbersome endeavour that stresses you out. The plethora of documents required for a business loan is often what puts all small business owners off. However, Bajaj Finserv requires the most basic documentation. In fact, you won’t need to spend more than thirty minutes to fill the form and send all the documents required!
The business loan application checklist is detailed below to make your business loan application easy and hassle-free:
Yes, there is an application form, but it can be completed online without requiring you to lift your finger from the mouse. Think of it more as your introduction to us! Details that you already know such as your name, address and PAN are required along with your contact numbers. Easy, right?
1 Photograph Of The Co-applicant
The lender may already know about you, however, in case you have a partner, which is common if you are a practicing professional or are applying for the first time, the lender would like to know who they are and what they look like too.
We need to know you are legitimate business owner, and in order to ascertain just this, we need to know about your business via documents like your IT returns, balance sheet and profit and loss account statement for the last 2 years with annexures, and your Form 16A. These help us to determine your business loan eligibility and also help us to understand how you plan to use the funds we can easily provide. The Income Tax returns for the last 2 years show that you have been a faithful taxpaying citizen. The Balance Sheet and Profit & Loss statement gives us a little understanding of how well you are running your business. Form 16A is the document filed with the Income Tax department, which specifies the amount of tax deducted at source by your company/firm and paid to the authorities. All these documents are easily available in any law-abiding business.
Also Read : Things To Know Before Applying For Business Loan
Bank Account Statement For The Last 3 Months
Like all financially responsible people, you too manage your accounts and the lender needs to see a glimpse of that through your bank account statement. Just the last three months’ statement shall suffice. You can easily get the same though Internet banking while you are filling out the business loan application form.
KYC Documents For The Co-applicant
KYC stands for ‘Know Your Customer’ since it is mandatory for the lender to maintain the latest information about its customers. This easy-to-fill document helps to protect you from identity theft, financial fraud, money laundering and other unlawful activities. In cases where there is more than one person owning the business or practise, the lender needs this information from the co-owner as well.
Business Vintage For 5 Years
The lender need to understand how the business has fared in the last 5 years to understand your needs and requirements better.
Business Proof – Certificate of Practise
While lenders like Bajaj Finserv provide business loans for all types of businesses and associations but there is a need to ensure that you are running a legitimate business. For this purpose, they ask for your certificate of practice.
With easy repayment options and low cost interest payable only on that portion of the loan which you are using, business loan Bajaj is the answer to all small business needs, Further, the easily sourced documents required for business loan ensures that your experience is seamless and hassle-free.